The major difference between perfect competition and monopolistic competition is
The major difference between perfect competition and monopolistic competition is
A). Number of firms
B). Differentiated product
C). Rate of profit
D). Free exit and entry
1 answers
Differentiated product
The major difference between perfect competition and monopolistic competition is differentiated product. Product differentiation (or simply differentiation) is the process of distinguishing a product or service from others, to make it more attractive to a particular target market. This involves differentiating it from competitors' products as well as a firm's own products.
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